Peerform Debt Consolidation Loan Review

Debt consolidation loans convert your monthly bills into one easy to manage payment. By extending the terms of your loans, the monthly fee might dramatically reduce. Peerform offers this service, which could help you repay a wide range of bills over a 3-5 year period.

Fair Credit Applicants Best for
2 /5
$ /mo
Starting Price
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    Terms, Fees and Rates 2020

    Minimum credit score: 

    APR: 5.99% - 29.99%
    Loan amounts min to max: $4,000 - $25,000
    Origination fee: 1% - 5% of loan amount
    Terms: 3-5 years
    Late payment fee:  5% of the monthly fee, or $15, whichever is greater
    Prepayment penalty: $0

    Pros and Cons


    • Low APR for some
    • No prepayment penalty
    • Those with only fair credit can apply
    • Decent range of terms


    • Low maximum loan offer
    • Not available in every state
    • Funding is slow in comparison with many competitors

    Why should you consolidate your loans with Peerform?

    • Low APR in some cases - The lowest APRs will only be accessible to those with excellent credit. If you fall into that bracket, a loan with an APR of 5.99% is quite competitive in comparison with some lenders.
    • No prepayment penalty - There won’t be a charge for paying off your debt consolidation loan early. Many customers do this when possible, to avoid any future interest payments.
    • Those without good/excellent credit can still apply - Many lending companies won’t accept applications from those without good/excellent credit scores. With Peerform, a score of just 600 could be enough to secure a loan. It should be noted that with a score this low, certain terms and loan amounts might be refused.
    • Decent range of loan terms - Is the reason you’re looking for a loan so that you can drastically reduce your monthly payments? Well, with terms of up to five years, this will definitely be possible.

    What are the eligibility requirements?

    There are several criteria that all applicants are required to meet.

    • A minimum credit score of 600
    • At least 18 years old
    • A citizen or permanent resident of the US
    • Annual income must exceed $10,000
    • Credit history of a year or more
    • Debt-to-income ration mustn’t drop below 40%
    • Residents of Washington D.C, Wyoming, West Virginia, Connecticut, North Dakota, and Vermont are ineligible

    How to apply for a Peerform consolidation loan? 

    Applications are simple and can be completed online. You’ll need to provide personal, income, and housing details. From here, a soft credit check will be performed, which won’t affect your credit score. Those eligible will then be placed on the peer-to-peer market listing for a loan agent to find and contact.

    Before any loan is completed, a hard credit check will be run which could negatively impact your credit score.

    Customer Service

    • Connect via a range of social media platforms
    • Online borrower support
    • Phone service available Monday to Friday from 9 am - 6 pm

    What types of debt can be consolidated with Peerform?

    It appears that almost every type of personal loan can be consolidated, but for a full list of inclusions, be sure to contact the lender directly before making a full application.

    Bottom line

    Peerform offers loans to those with fair credit, but funding can take up to two weeks in some cases, which will be far too slow for the majority of applicants.

    Fortunately, there are some superb alternatives. SoFi provides funds within one week and offers loans of up to $100,000. Or, perhaps check out Avant. It offers loans up to $35,000 and sometimes provides funds within just one business day.